CARSON RUSSELL L 4

What Happened

• Carson Russell, a director of Select Medical Holdings Corp (SEM), recorded a disposition of 610,035 common shares on 2026-06-30 (transaction code J — other acquisition/disposition). The reported price per share was $0.00 because the shares were not sold for cash but were contributed and exchanged under the merger agreement. As described in the filing, the shares were contributed to Parent in exchange for Parent common shares, which were then exchanged for interests in Stallion Group Parent, LP. Of the contributed shares, 14,035 were restricted shares that vested immediately before the merger effective time.

Key Details

• Transaction date: 2026-06-30; Form 4 filed: 2026-07-01 (timely filing).
• Shares disposed: 610,035; reported price: $0.00 (non-cash exchange).
• Footnotes: Merger Agreement dated March 2, 2026; contribution to Parent, exchange for Parent common shares, then converted to interests in Stallion Group Parent, LP. 14,035 restricted shares vested immediately prior to the merger.
• Filing does not report a cash sale — this was a corporate merger exchange, not an open-market transaction.

Context

• This is a merger-related disposition (corporate transaction), not a routine market sale; such exchanges convert company stock into consideration specified by the merger agreement and do not necessarily signal the insider’s view of the company’s future. For retail investors, purchases generally carry more direct informational value than merger conversions like this.